How to Transfer Money From BDO to Other Local Banks Real Time

If you’re a BDO member and you have online banking, you know that in transferring from BDO to other local banks, it would take one (1) to three (3) business days. But with InstaPay, you can transfer funds from BDO to other local banks in real-time.

Whether you have the BDO Mobile App or the browser version, you can transfer funds from your BDO account to any other local bank accounts in the country. The good thing about that is that it’s done in real-time.

In this article, we’ll be teaching this very step to you. We’ll show you how you can transfer your funds from your BDO to other local banks in the country.

What is InstaPay?

InstaPay is the facility that the Bangko Sentral ng Pilipinas (BSP) developed to make the lives of people easier. If you’re wondering how you can transfer funds in real-time from one bank to another, InstaPay is the answer.

InstaPay is the electronic fund transfer (EFT) facility allowing customers to transfer funds instantly. This can be done if the two (2) banks are supervised by the BSP. In addition to that, InstaPay also applies to non-bank e-money issuers in the country such as PayMaya and GCash.

Generally speaking, InstaPay is the newest payment and fund transfer facility developed by the BSP to accommodate the growing need of people of “easier transactions.”

Who can use InstaPay?

People, businesses, and government agencies can use InstaPay. So long that the consumer has savings, current, or an e-money account, InstaPay would be beneficial for them. The BSP suggests the use of InstaPay for the following reasons:

Is there a charge if I use InstaPay?

In using InstaPay, several processes and institutions may apply a fee for using InstaPay. The fees would depend on the institution in which the user transacts. Consumers who would receive the fee, however, would not be charged.

For instance, if you would transfer funds from BDO to other local banks, you would be charged a certain fee for the transfer. Whereas the recipient of the funds won’t be charged anything.

NOTE: InstaPay applies only to PHP currencies. We will have to clarify with the BSP on what the process is if it’s a different currency.

So that’s how you can transfer funds from BDO to other local banks in the country. With all this information, you can now confidently proceed in transferring funds not just BDO-to-BDO, but to other local banks as well.

If you need to transfer funds from BDO to other local banks, here’s what you need to know. Moreover, this information can be helpful not just to you but to others that you know.

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